Noranda CEO to Step Down

Updated May 24, 2002 11:59 p.m. ET

Noranda Inc. said David Kerr will step down as chief executive officer of the mining and metals company, but will continue as executive chairman. Derek Pannell, Noranda's president and chief operating officer, will succeed the 58-year-old Mr. Kerr as CEO on June 1. Noranda, based in Toronto, said Mr. Pannell, 55, will resign as CEO of Falconbridge Ltd. but will become deputy chairman of that mining company, which is 57%-owned by Noranda. At Falconbridge, Mr. Pannell will be succeeded as CEO by Aaron Regent, 36, who is executive vice president and chief financial officer of Noranda. Lars-Eric Johansson, 55, senior...